Acquisition makes MindTree’s IC Design Services Team among the Largest in India
November 14, 2007 -- Bangalore, India -- MindTree Consulting Ltd., a global IT and R&D Services Company, today announced that it has signed a definitive agreement to acquire 100% of the equity in TES-PV Electronic Solutions Private Limited (“Purple Vision”), the India-based, fully-owned subsidiary of TES Electronic Solutions SA, the global electronics design and manufacturing services company based in France.
MindTree will acquire Purple Vision in an all-cash deal of $6.55 Million. The transaction will become effective upon completion of certain closing conditions, as is customary in such circumstances. We expect to complete the closing conditions in 4-6 weeks.
Purple Vision is a 150-person subsidiary of TES Electronic Solutions, providing differentiated services in the IC Design area. Founded in 2000, Purple Vision was acquired by TES in 2005. The company has achieved multiple, full-chip turnkey designs and has participated in over 150 silicon designs with an unprecedented success rate of over 95% in the first pass silicon. It has emerged as a leading third-party service provider in Design for Testability (DFT), having developed and licensed its Intellectual Property in EDA methodologies. Purple Vision’s customers include eight of the world’s top 10 semiconductor companies and three of the top 10 companies in each of consumer electronics, networking and telecom systems industries.
“With the acquisition of Purple Vision, MindTree’s IC Design team will be a formidable size of 350 professionals, making it one of the largest independent design services organizations in India. The domain expertise of Purple Vision will fully complement MindTree’s existing offerings, enabling us to bid for end-to-end chip design projects. Our combined strength and rich experience in IC Designs, Embedded and Application software will enable us to attain global leadership in offering turnkey design services to our customers globally,” said MindTree Consulting President and CEO, R&D Services, Janakiraman S.
Commenting on MindTree’s acquisition of its IC Design Services arm, TES Electronics Solutions Chairman and CEO Michel Desbard said, “TES wants to focus on growing and developing its embedded hardware and software capability in India as part of our overall Custom Design and Manufacturing strategy. We intend to grow the core team in Bangalore based on these competencies. We are happy that our team of IC design experts will now become part of MindTree and contribute to their business growth in high-end IC Design Services.”
Purple Vision President & CEO Jagannathan Balaji said, “In a span of 7 years, Purple Vision has proved to be a leading IC design service provider. The combined entity will not only be able to offer a broader range of services but also be able to increase its footprint and reach out to a larger group of potential customers, using MindTree’s global reach, scale and stability."
MindTree is a leading player in the ASIC and IC design Services. Over the past 7 years, MindTree has built extensive capabilities in the Design, Verification, Design for Testability, Physical Design and Analog Design areas and emerged as one of the largest provider of services in this space. MindTree runs offshore development centers (ODCs) for large semiconductor companies and offers various state-of-the-art IC design services to a host of other customers. MindTree is also a leading provider of semiconductor IPs in the short range wireless areas.
About MindTree Consulting
MindTree Consulting is a global IT and R&D Services Company co-headquartered in the U.S. and India. With a passion for customer satisfaction, MindTree partners with its clients to create a transparent, value-based relationship. Our domain experts deliver business-enabling solutions by leveraging a consulting led, framework-based and IP-driven approach. MindTree's IT Services business provides a range of services to CIOs across a variety of industry segments. Our R&D Services business works with Technology companies to help build innovative products by providing Product Realization services.
MindTree was named among the Top 30 offshore service providers by the International Association of Outsourcing Professionals and Fortune Magazine. Widely known for its focus on human capital development, MindTree has been consistently rated as the most admired employers by several industry surveys, including Hewitt Associates and Mercer/TNS, and is also the winner of the MAKE Award for knowledge management. MindTree is publicly listed in India. Please visit us at www.mindtree.com.